I went online to see if I could find a Bank of America, FHA, short sale success story, but I could not find any thing. Everything I read is negative.

Can any one offer any hope to a buyer that is waiting for HUD to approve a short sale?  I can't find one success story. 

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Does Equator support FHA now? I have a file for FHA in at B of A now, and they told me FHA still needed to go to B of A direct and couldn't be done through Equator yet.

I don't think they are available on equator, I just checked the agent resource center. At least in the last FHA FAQS document it says you cannot iniate or manage through equator, but they are looking to do so in the future. I will be soooo happy when it is equator.

They don't...that in part is what adds to the frustration.

It's all done the old fashioned way...faxing...ugh!

Thanks every body for posting your success stories.  I really needed to hear something positive during this long waiting period.  

Hopefully it won't be much longer as I need to be out of my rental by the end of the year.

I'm really depending on Bank of America to come through for me!!!!!

Karen,  

If the Seller is approved for the FHA PFS Program by receiving an Approval to Participate and your Offer meets 88% of the FHA As-is Appraised value, it should just be a matter of time before you receive and Approval Letter.

Kevin, thanks so much for your opinion.  It gives me hope.  In your experience, how long would you say it will take to hear something?  My offer was approved by BOA on Nov 27 but now we are waiting for HUD since the seller has an FHA loan. Seller is using an attorney and they are on top of everything.  I thought it would take about 3 days but now we have been waiting 3 weeks.

Karen,

HUD doesn't approve FHA Pre-Foreclosure Sales, the Servicer/Lender does (BOA in this case).  HUD would only get involved in the Approval process if a Variance is requested.

I have closed several with BOA and other Lender's.  If you know the rules and know how and who to push back to they are not bad.  I prefer FHA PFS over all other type of Short Sales and to date have a 100% success rate with them.

Karen,

I saw something about an improvement in the average time to process an FHA short sale or Pre-Foreclosure sale improving from an average of 308 to 306 days. FHA always takes a little more time than some, however, if you've done the work up front and made sure they're likely to qualify it will go through. Keep up on the guidelines and if BofA is doing what they're supposed to get the HUD NSC involved. Keep in mind that they have some very liberal timeframes to complete the offer review. Persistence and knowledge usually payoff in short sales.

HUD usually takes between 2-6 weeks for the HUD approval on an FHA short sale in my experience. The last one I did I was able to get the negotiator to submit it as a "Rush" request and we had the approval back in about 2 weeks. Otherwise it has been closer to 4-6 weeks. Hope the helps, good luck!

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